Exhibit 99(b)




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Play a key role in the global food solution while building long-term value for all our stakeholders.
  
    
    Be the preferred supplier to the markets we serve
    
    Maximize long-term shareholder value
    
    Build strong relationships with and improve the socioeconomic well-being of our communities
    
    Attract and retain talented, motivated and productive employees who are committed to our long-term goals
    
    Prevent harm to people and damage to the environment
  PotashCorp is an integrated producer of fertilizer, industrial and animal feed products. We are
the worlds largest fertilizer enterprise, producing the three primary plant nutrients: potash,
phosphate and nitrogen. Among these, potash-the main focus of our
business  delivers the highest
quality earnings. With large low-cost operations, plans to expand capacity significantly and
strategic global investments, we have an unmatched ability to meet the needs of North America and
growing offshore potash markets.
 INSIDE:
    
    PagePerformance Highlights
    
    
    2Letter to Shareholders
    
    
    56 Keys to Understanding Our Business
    
    
    7Board and Senior Management
    
    
    24Shareholder Information
    
    
    26




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($ millions, except per-share data and percentages)
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    5-Year
    
    
    10-YearCAGR1
    
    
    CAGRFinancial PositionCurrent assets
    
    
    2,267.2
    
    
    
    1,811.3
    
    
    
    1,310.2
    
    
    
    1,110.8
    
    
    
    1,243.6Property, plant & equipment
    
    
    4,812.2
    
    
    
    3,887.4
    
    
    
    3,525.8
    
    
    
    3,262.8
    
    
    
    3,098.9Other long-term assets
    
    
    3,169.4
    
    
    
    4,017.9
    
    
    
    1,381.0
    
    
    
    984.3
    
    
    
    784.3Total assets
    
    
    10,248.8
    
    
    
    9,716.6
    
    
    
    6,217.0
    
    
    
    5,357.9
    
    
    
    5,126.8Current liabilities
    
    
    2,615.8
    
    
    
    1,001.9
    
    
    
    1,103.5
    
    
    
    1,096.1
    
    
    
    703.7Long-term debt
    
    
    1,739.5
    
    
    
    1,339.4
    
    
    
    1,357.1
    
    
    
    1,257.6
    
    
    
    1,258.6Other long-term liabilities
    
    
    1,304.6
    
    
    
    1,356.6
    
    
    
    976.1
    
    
    
    871.7
    
    
    
    778.9Shareholders equity
    
    
    4,588.9
    
    
    
    6,018.7
    
    
    
    2,780.3
    
    
    
    2,132.5
    
    
    
    2,385.6Total liabilities & shareholders equity
    
    
    10,248.8
    
    
    
    9,716.6
    
    
    
    6,217.0
    
    
    
    5,357.9
    
    
    
    5,126.8Financial ResultsSales
    
    
    9,446.5
    
    
    
    5,234.2
    
    
    
    3,766.7
    
    
    
    3,847.2
    
    
    
    3,244.4
    
    
    
    28
    %
    
    
    14
    %Gross margin  Potash
    
    
    3,055.5
    
    
    
    912.3
    
    
    
    561.1
    
    
    
    707.4
    
    
    
    422.8
    
    
    
    72
    %
    
    
    25
    %Gross margin  Phosphate
    
    
    1,114.5
    
    
    
    432.8
    
    
    
    125.3
    
    
    
    98.9
    
    
    
    15.8
    
    
    
    73
    %3
    
    
    17
    %Gross margin  Nitrogen
    
    
    737.4
    
    
    
    536.1
    
    
    
    315.6
    
    
    
    318.7
    
    
    
    242.8
    
    
    
    31
    %
    
    
    28
    %Total gross margin
    
    
    4,907.4
    
    
    
    1,881.2
    
    
    
    1,002.0
    
    
    
    1,125.0
    
    
    
    681.4
    
    
    
    67
    %
    
    
    23
    %Net income
    
    
    3,495.2
    
    
    
    1,103.6
    
    
    
    631.8
    
    
    
    542.9
    
    
    
    298.6
    
    
    
    101
    %3
    
    
    30
    %Net income per share  diluted 2
    
    
    11.01
    
    
    
    3.40
    
    
    
    1.98
    
    
    
    1.63
    
    
    
    0.90
    
    
    
    100
    %3
    
    
    30
    %Cash provided by operating activities
    
    
    3,013.2
    
    
    
    1,688.9
    
    
    
    696.8
    
    
    
    865.1
    
    
    
    658.3Additions to property, plant & equipment
    
    
    1,198.3
    
    
    
    607.2
    
    
    
    508.6
    
    
    
    382.7
    
    
    
    220.5
 1  2  3
 5
    
    
    
    $
    3.0 billion
    
    
    169%Consecutive years 
of record earnings
    
    
    Cash flow from operating activities
    
    
    Increase in average realized
potash price year over year
 2
      Keyword Online: Financials




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2008 Overall Gross Margin$
    
    4.9 billion
    
    ()
 GROSS MARGIN
  Potash
   Phosphate and Nitrogen




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Food Production Remains A Global Priority
        A Fundamental Issue
 
   5




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Producing Financial Performance
     Pursuing Our Full Potential
 A Long-Term Commitment
     
 William J. Doyle
   6




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KEY 1
  
 WAYNE BROWNLEE,
Executive Vice President and CFO
 The world needs more fertilizer
       ()
    
    
    ()
    
    
    ()     
Mined from evaporated sea deposits

      As fertilizer:
improves root
strength and
disease resistance,
enhances taste,
color and texture
of food

      As feed: aids
animal growth and
milk production

      Used
in industrial products (food products, soaps, water softeners)
    
    
          Mined from ancient sea fossils

     
As
fertilizer: aids in photosynthesis, speeds crop maturity
      As feed: assists in muscle
repair and skeletal development

     
Used
in industrial products (soft drinks, food products, metal treatment)
    
    
         
Synthesized from
air using steam and
natural gas

      As fertilizer:
builds proteins and
enzymes, speeds
plant growth

      As feed:
essential to RNA,
DNA and cell
maturation

      Used
in industrial products (plastics, resins, adhesives)POTASH     K
    
    
    PHOSPHATE     P
    
    
    NITROGEN     N
   Keyword Online: Our Business
9




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World markets
 ()
    
    China uses more fertilizer than any other country, with farmers often double- and
triple-cropping to grow rice, fruits and vegetables for its 1.3 billion people.
In the coming years, China plans to raise its annual grain production by approximately 10
percent, or 50 million tonnes. To achieve this growth, its government is taking important steps to
encourage productivity and modernize the countrys agricultural practices. In addition to doubling
agricultural subsidies to improve returns to farmers, it is raising minimum prices for key
commodities such as wheat and rice. It is also beginning to allow the transfer of land-use
rights, which should ultimately lead to larger and more efficient farms.




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KEY 1 The world needs more fertilizer
  NORTH AMERICA
   INDIA
 BRAZIL
   SOUTHEAST ASIA
   Keyword Online: Our Business, Markets
11




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KEY 2
 Among nutrients, the
potash business  has advantages
   
 Keyword Online: Our Business, Potash
13




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KEY 3
 Potash is the core of our business
    
    
    Arab Potash Company Ltd. (APC) in Jordan and Israel Chemicals Ltd. (ICL) in Israel, key
producers and suppliers of potash to Mediterranean and East Asian markets.
    
    Sociedad Quimica y Minera de Chile S.A. (SQM) in Chile, a specialty potash, iodine and lithium
producer.
    
    Sinofert Holdings Limited (Sinofert), the largest distributor of potash and other fertilizers in
China.
   14




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KEY 4
 Our strategies emphasize earnings growth 
with reduced volatility
 Potash
First.
   Potash
 Phosphate
 Nitrogen
    
    16
      Keyword Online: Our Business, Strategies




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KEY 5
  
  JIM DIETZ
 We are uniquely prepared to meet growing potash demand
     
 Our
debottlenecking and expansion projects will raise constructed
capacity to 18 million tonnes by 2012, approximately
double our 2005 capability.
   Keyword Online: Our Business, Operations
19




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KEY 5 We Are Uniquely Prepared To Meet Growing Potash
Demand




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22




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KEY 6
  
 BUILDING RELATIONSHIPS
 We live by our Core Values
 Our Core Values define and guide the way we do business. They remind us that our responsibilities
extend beyond financial performance, and beyond the walls of our facilities.
 By committing to and living by our Core Values, we create long-term value for our shareholders,
build support among stakeholders, engender accountability in our employees, deepen our
relationships with customers and partners, and improve quality of life in our communities.
 CORE VALUES
   Keyword Online: Core Values
23




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Front[L to R]Dallas J. Howe (Chair)ACalgary, ABOwner and CEO of DSTC Ltd.William J. DoyleWinnetka, ILPresident and CEO of PotashCorpBack[L to R]Elena Viyella de PalizaCDominican RepublicPresident of Inter-Quimica, S.A.,Monte Rio Power Corp and
Indescorp, S.A.Keith G. Martell
B,DSaskatoon, SKExecutive Chairman ofFirst Nations Bank of Canada
 Paul J. SchoenhalsB,CCalgary, ABRetired President and CEO of Enformand Chairman of the PCS Crowncorporation from 1987 to 1989Alice D. LabergeA,DVancouver, BCCorporate Director and formerPresident and CEO of FincentricCorporationJohn W. EsteyB,CGlenview, ILPresident and CEO of S&C Electric Co.Wade Fetzer IIIA,BGlencoe, ILDirector of Sinofert and Retired Partnerwith Goldman Sachs
 E. Robert Stromberg, QCCJackfish Lake, SKFormerly associated with the law firmRobertson Stromberg PedersenC. Steven HoffmanC,DLincolnshire, ILFormer senior executiveof IMC Global Inc.Mary MogfordA,DNewcastle, ONCorporate Director and formerOntario Deputy Minister of Financeand Natural ResourcesJeffrey J. McCaigB,DCalgary, ABChairman and CEO ofTrimac Group of Companies
   
 Committees:    ACorporate Governance and Nominating    BCompensation    CSafety, Health and Environment    DAudit
 24




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L to RDenis A. SiroisVice Presidentand Corporate ControllerDenita C. StannSenior DirectorInvestor RelationsJoseph A. PodwikaSenior Vice PresidentGeneral Counsel and SecretaryRobert A. JasparSenior Vice PresidentInformation TechnologyDaphne J. ArnasonVice PresidentInternal Audit
 Wayne R. BrownleeExecutive Vice Presidentand Chief Financial OfficerWilliam J. DoylePresident andChief Executive OfficerThomas J. Regan, Jr.PresidentPCS Phosphate and PCS NitrogenJames F. DietzExecutive Vice Presidentand Chief Operating OfficerG. David DelaneyPresidentPCS Sales
 Stephen F. DowdleSenior Vice PresidentFertilizer Sales, PCS SalesKaren G. ChasezVice PresidentProcurementJohn R. HuntVice PresidentSafety, Health and EnvironmentBarbara Jane IrwinSenior Vice PresidentAdministrationGarth W. MoorePresidentPCS Potash
   
 25




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Annual Meeting
    Dividends
   Information for Shareholders Outside Canada
  Investor Inquiries
 Common Share Transfer Agent
 CIBC Mellon Trust Company
    
    BNY Mellon Shareholder ServicesP.O. Box 7010
    
    480 Washington Blvd - 27th floorAdelaide Street Postal Station
    
    Jersey City, NJ 07310Toronto, ON M5C 2W9Phone: (416) 643-5500(800) 387-0825inquiries@cibcmellon.comwww.cibcmellon.com
  Ownership
  Shares Listed
 
 Financial Reports and News Releases
  NYSE Corporate Governance
  Corporate Offices
 Canada:
    
    US:Suite 500, 122 - 1st Ave S
    
    Suite 400, 1101 Skokie BlvdSaskatoon SK S7K 7G3
    
    Northbrook IL 60062Phone: (306) 933-8500
    
    Phone: (847) 849-4200
   26
      Keyword Online: Shareholder Info




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Common Share Prices and Volumes
 Toronto Stock Exchange1
    
    
    New York Stock ExchangeHigh*
    
    
    Low*
    
    
    Volume
    
    
    High*
    
    
    Low*
    
    
    Volume2008Q1
    
    
    167.80
    
    
    
    109.00
    
    
    
    103,153,851
    
    
    
    165.00
    
    
    
    105.52
    
    
    
    481,399,952Q2
    
    
    246.29
    
    
    
    155.03
    
    
    
    118,100,762
    
    
    
    241.62
    
    
    
    150.44
    
    
    
    725,191,906Q3
    
    
    231.28
    
    
    
    131.43
    
    
    
    111,838,148
    
    
    
    229.95
    
    
    
    126.49
    
    
    
    783,581,966Q4
    
    
    142.00
    
    
    
    61.81
    
    
    
    165,047,982
    
    
    
    133.44
    
    
    
    47.54
    
    
    
    1,153,295,676Year 2008
    
    
    246.29
    
    
    
    61.81
    
    
    
    498,140,743
    
    
    
    241.62
    
    
    
    47.54
    
    
    
    3,143,469,5002007Q1
    
    
    65.31
    
    
    
    51.92
    
    
    
    51,599,528
    
    
    
    56.35
    
    
    
    44.05
    
    
    
    221,025,369Q2
    
    
    86.21
    
    
    
    61.02
    
    
    
    51,480,129
    
    
    
    80.85
    
    
    
    52.82
    
    
    
    220,781,704Q3
    
    
    108.92
    
    
    
    76.96
    
    
    
    65,980,291
    
    
    
    109.40
    
    
    
    71.50
    
    
    
    189,289,076Q4
    
    
    148.89
    
    
    
    94.30
    
    
    
    67,978,612
    
    
    
    151.90
    
    
    
    97.36
    
    
    
    239,545,310Year 2007
    
    
    148.89
    
    
    
    51.92
    
    
    
    237,038,560
    
    
    
    151.90
    
    
    
    44.05
    
    
    
    870,641,4592006Q1
    
    
    37.96
    
    
    
    30.50
    
    
    
    63,024,657
    
    
    
    33.08
    
    
    
    26.05
    
    
    
    165,652,500Q2
    
    
    39.00
    
    
    
    28.93
    
    
    
    56,060,451
    
    
    
    35.47
    
    
    
    26.28
    
    
    
    162,390,900Q3
    
    
    39.49
    
    
    
    30.67
    
    
    
    42,424,140
    
    
    
    35.49
    
    
    
    27.34
    
    
    
    123,589,800Q4
    
    
    56.96
    
    
    
    37.75
    
    
    
    58,463,577
    
    
    
    49.06
    
    
    
    33.83
    
    
    
    185,087,100Year 2006
    
    
    56.96
    
    
    
    28.93
    
    
    
    219,972,825
    
    
    
    49.06
    
    
    
    26.05
    
    
    
    636,720,300
 Source: Thomson Reuters
1
Trading prices are in CDN $
   
  27




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Forward-looking Statements
  Market and Industry Data Statement
 Sources, Abbreviations, Terms and Measures
 Abbreviated Company Names and Sources*APC
    
    Arab Potash Company Ltd. (Amman: ARPT), JordanBritish Sulphur
    
    British Sulphur Consultants, UKCanpotex
    
    Canpotex Limited, CanadaDoane
    
    Doane Advisory Services, USAFAPRI
    
    Food and Agricultural Policy Research Institute, USAFertecon
    
    Fertecon Limited and Fertecon Research Centre Limited, UKICL
    
    Israel Chemicals Ltd. (Tel Aviv: ICL), IsraelNYSE
    
    New York Stock Exchange, USASinofert
    
    Sinofert Holdings Limited (HKSE, 0297.HK), ChinaSQM
    
    Sociedad Quimica y Minera de Chile S.A.(Santiago Bolsa de Comercio Exchange, NYSE: SQM), ChileThomson Reuters
    
    Thomson Reuters, USATSX
    
    Toronto Stock Exchange, CanadaUSDA
    
    US Department of Agriculture, USA
 
 *
    
    Where PotashCorp is listed as a source in conjunction with external sources, we have
supplemented the external data with internal analysis. Fertilizer MeasuresK2O tonne
    
    Measures the potassium content of fertilizers having different
chemical analysesP2O5 tonne
    
    Measures the phosphorus content of fertilizers
having different chemical analysesN tonne
    
    Measures the nitrogen content of fertilizers
having different chemical analysesProduct tonne
    
    Standard measure of the weights of all types
of potash, phosphate and nitrogen productsGlossary of Terms2008E
    
    2008 Estimated2009F
    
    2009 ForecastCanpotex
    
    An export company owned by all Saskatchewan producers
of potash (PotashCorp, Mosaic and Agrium)CDN
    
    Canadian dollarsConstructed Capacity
    
    Equipment in a state of readiness to produce. While constructed
capacity is increased at mechanical completion of a project, a
period of ramp-up may be required to achieve full operating levelsGreenfield
    
    New operation built on undeveloped siteMMT
    
    Million tonnesMT
    
    TonneNorth America
    
    The North American market includes Canada and the United StatesOffshore
    
    Offshore markets include all markets except Canada and the
United StatesPotashCorp
    
    Potash Corporation of Saskatchewan Inc. (PCS) and its direct
or indirect subsidiaries, individually or in any combination,
as applicableShipments
    
    Imports plus domestic producer salesScientific TermsNitrogen
    
    NH3
    
    ammonia (anhydrous), 82.2% NHNO3
    
    nitric acid, 22% N (liquid)UAN
    
    nitrogen solutions, 28-32% N (liquid)Phosphate
    

P2O5
    
    phosphoric acid (liquid)MGA
    
    merchant grade acid, 54%
P2O5 (liquid)DAP
    
    diammonium phosphate, 46% P2O5 (solid)MAP
    
    monoammonium phosphate, 52% P2O5 (solid)SPA
    
    superphosphoric acid, 70% P2O5 (liquid)MCP
    
    monocalcium phosphate, 48.1% P2O5 (solid)DCP
    
    dicalcium phosphate, 42.4% P2O5 (solid)DFP
    
    defluorinated phosphate, 41.2% P2O5 (solid)Potash
    
    KCI
    
    potassium chloride, 60-63.2% K2O (solid)
   28




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